Budget 2022: Tax benefits to NPS for state govt employees hiked from 10% to 14%
2 years, 10 months ago

Budget 2022: Tax benefits to NPS for state govt employees hiked from 10% to 14%

Hindustan Times  

Tabling the Union budget in the Lok Sabha, Union finance minister Nirmala Sitharaman on Tuesday proposed an increase in the tax deduction limit from 10 per cent to 14 per cent on employers' contribution to the National Pension System account of the state and central government employees. Tax deduction limit raised from 10 per cent to 14 per cent on employers' contribution to the NPS account for state government employees. Follow full coverage of Union Budget 2022 At the same time, the NPS tax benefit for private sector employees is limited to 10 per cent. Among other tax related changes presented today, finance minister Sitharaman has proposed a tax on income from transfer of any virtual digital asset at 30 per cent, including cryptocurrencies in all probablity.

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New NPS contribution rules and guidelines for central govt employees announced: Check details
2 months, 1 week ago

New NPS contribution rules and guidelines for central govt employees announced: Check details

Hindustan Times  

The government has notified new NPS rules with updated contribution guidelines for leave and suspension which may increase retirement savings and pensions for central government employees, according to a Financial Express report. The Department of Pension and Pensioners’ Welfare has thus, notified the Central Civil Services Rules, 2021, in an October 07, 2024 memorandum, of new guidelines detailing the government’s …

Budget 2024: What income tax benefits can taxpayers expect on July 23?
5 months ago

Budget 2024: What income tax benefits can taxpayers expect on July 23?

India Today  

Taxpayers are eagerly waiting for July 23 when Finance Minister Nirmala Sitharaman will present the full budget for the ongoing financial year. Income tax exemption limit There is speculation that the government may raise the income tax exemption limit from Rs 3 lakh to Rs 5 lakh. If implemented, individuals earning up to Rs 8.5 lakh annually could potentially pay …

Budget 2024: Central govt employees may receive 50 per cent of last drawn salary as pension under NPS
5 months, 1 week ago

Budget 2024: Central govt employees may receive 50 per cent of last drawn salary as pension under NPS

India TV News  

As the Finance Ministry prepares to present the 2024–25 fiscal year budget, the National Democratic Alliance government is contemplating a significant reform for central government employees. According to a report by the Times of India, the government may offer 50% of the last drawn salary as a pension under the National Pension System. Addressing employee concerns This proposed move aims …

NPS scheme may get a makeover in Interim Budget 2024
11 months ago

NPS scheme may get a makeover in Interim Budget 2024

India Today  

India is expected to consider extending tax concessions on contributions and withdrawals in the upcoming Interim Budget 2024, in an effort to make the National Pension Scheme more attractive, as per a Deloitte report The government might specifically focus on individuals aged 75 and above. Corporations enjoy tax exemptions for contributions up to 10 per cent of the basic salary …

Budget 2024: Government may announce steps to promote, make NPS more attractive
11 months ago

Budget 2024: Government may announce steps to promote, make NPS more attractive

India TV News  

The government is considering measures to make the National Pension System more attractive, particularly for senior citizens over 75 years. Currently, there is a disparity in employers' contributions to building the corpus for employees, with contributions up to 10 per cent of basic salary and dearness allowances being exempt from tax for NPS contributions, while the same is 12 per …

Income Tax Rule Change: Tripple Tax Benefits on NPS; Know How it Works, Who Can Claim
2 years, 9 months ago

Income Tax Rule Change: Tripple Tax Benefits on NPS; Know How it Works, Who Can Claim

News 18  

Finance minister Nirmala Sitharaman announced that state government employees will now be able to claim tax benefit of 14 per cent on the National Pension System made by their employer from financial year 2022-23. At present, only the central government employees are allowed to claim tax benefit of 14 per cent for the employer’s contribution to their NPS accounts. NPS …

Govt employees must take note of this big change in pension contribution
2 years, 10 months ago

Govt employees must take note of this big change in pension contribution

India Today  

To provide equal treatment for both central and government employees, Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech announced that the central government proposed to increase tax deduction from 10 per cent to 14 per cent on contributions to the National Pension System by the state government for its employees. WHAT THIS MEANS FOR GOVT EMPLOYEES The Central …

Budget 2022: NPS exemption raised for state govt staff. An explainer
2 years, 10 months ago

Budget 2022: NPS exemption raised for state govt staff. An explainer

Live Mint  

Contributions made by subscribers to the government’s pension scheme NPS are exempt from income tax. In the Budget 2022, the finance minister Nirmala Sitharaman raised the tax exemption limit on employer’s contribution from 10 percent to 14 percent for state government employees. Exemption on contribution The subscribers of National Pension System can claim tax exemption under section 80CCD within the …

NPS could get additional income tax benefits: Key things to know
2 years, 11 months ago

NPS could get additional income tax benefits: Key things to know

Live Mint  

People have a lot of expectations from Nirmala Sitharaman's Union Budget 2022. The additional deduction limit under the National Pension Scheme could be raised from ₹50,000 to ₹1 lakh this year. However, an increment in the limit for additional deduction for NPS investments would also amount to a similar correct step in the right direction,” he said. Amit Gupta, MD, …

Govt Approves Hike in Employer's Contribution to NPS for CAB Employees
3 years, 2 months ago

Govt Approves Hike in Employer's Contribution to NPS for CAB Employees

News 18  

In a bonanza to Central Autonomous Bodies’ employees, the Ministry of Finance has approved the increment of employer’s contribution to the National Pension Scheme to 14 per cent. The decision comes over two years after the contribution rates were increased for the central government employees in a notification dated January 31, 2019. However, since CAB employees are not directly central …

NPS scheme: 5 benefits of National Pension System that you should know
3 years, 4 months ago

NPS scheme: 5 benefits of National Pension System that you should know

Live Mint  

NPS scheme: National Pension System is a retirement-oriented investment option that provides a periodic annuity and a lump sum corpus on the attainment of retirement age. NPS scheme is one of the ideal pension and retirement planning schemes available in India for salaried, self-employed professionals and freelancers like lawyers, doctors, chartered accountants, entrepreneurs, architects and others who work in their …

Higher income tax deduction on NPS likely for private sector employees
3 years, 11 months ago

Higher income tax deduction on NPS likely for private sector employees

Live Mint  

In the Budget 2021, tax experts expect the government to fix some anomalies in the NPS with regard to income tax benefits. "For contribution towards Tier I account up to 14% of the employer’s contribution is permitted for central government employees but when it comes to other employees maximum up to 10% of the contribution from employer is eligible for …

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